Visa and Mastercard Sue Costa Rica’s Central Bank Over Fee Caps
The Nilson Report
OCTOBER 7, 2024
The post Visa and Mastercard Sue Costa Rica’s Central Bank Over Fee Caps appeared first on Nilson Report.
Five Applicants Officially Submit Bids for Thai Virtual Bank Licenses, Says Central Bank
Fintech News
SEPTEMBER 23, 2024
Once approved, successful applicants will have one year to prepare for the launch of their virtual banking operations. The Bank of Thailand plans to issue three virtual bank licenses initially, despite the Ministry of Finance suggesting there may not be a cap on the number.
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Aussie Central Bank Considers Regulating ePayments Fees
PYMNTS
JUNE 3, 2020
The Reserve Bank of Australia (RBA), the country’s central bank, is considering reducing the cost of electronic payments for merchants and consumers as COVID-19 makes e-banking preferable, Assistant Governor Michele Bullock said on Wednesday.
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Irish Central Bank Fines Wells Fargo 5.9M Euros
PYMNTS
JULY 5, 2019
Ireland’s central bank has fined Wells Fargo 5.9 The fine is the second biggest ever issued by the bank, and it’s for five breaches that happened between 2014 and 2019, which include failure to report the bank’s capital position, which brought to light “serious and systemic weaknesses” in its reporting. .
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Bitcoin Daily: Russia Wants Cap On Retail Crypto Investments; Public Company Crypto Holdings Top $6.8B
PYMNTS
OCTOBER 14, 2020
The central bank of Russia is seeking to place a yearly cap on the amount of cryptocurrency that retail investors can purchase, CoinDesk reported. Non-qualified investors wouldn’t be able to purchase over 600,000 rubles (approximately $7,740) per a proposal that the Bank of Russia released.
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CBDC poses threat to banks, trade groups tell Fed
Payments Dive
MAY 25, 2022
digital dollar would take $720 billion in deposits out of banks even if the central bank were to cap accounts at $5,000 per "end user," the American Bankers Association wrote in a letter.
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MariBank Reports S$10.1 Million Income in 2023, But Losses Widen to S$51.9 Million
Fintech News
JULY 17, 2024
In July, MariBank raised its cap for individual savings accounts to S$75,000 from S$5,000, following a similar move by rival GXS Bank. This suggested a possible easing of the S$50 million deposit cap initially imposed by the Monetary Authority of Singapore (MAS), although MAS has not confirmed this publicly.
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DECTA Joins Forces With French Fintech to Revive Euro-Pegged Stablecoin
The Fintech Times
AUGUST 5, 2024
DECTA Limited, with its EMI license from the Central Bank of Ireland , is ideally positioned as a pioneering issuer within these regulatory confines. Under the new MiCA rules, which took effect on 1 July 2024, the issuance of Euro-pegged stablecoins like EURT is permitted exclusively to credit institutions or EMIs within the EU.
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Cryptocurrency Market Tumbles; Bitcoin Falls 12 Percent
PYMNTS
JANUARY 11, 2021
According to Coinmarketcap, the overall value of the cryptocurrency market — or market cap —was $880 billion Monday morning, down from $1.08 This occurred because investors went hunting with interest rates ow as central banks sought to stem the pandemic’s economic crisis. 7), the cryptocurrency market cap topped $1 trillion.
Essential DeFi strategies for financial transformation
The Payments Association
NOVEMBER 18, 2024
of the total cryptocurrency market capitalization, with a total market cap of $162.36 Tether (USDT) remains the dominant stablecoin, with a market cap of $125 billion as of November 13, 2024. USD Coin (USDC) is the second-largest, with a market cap of $35.58 As of June 2024, stablecoins accounted for 6.5% billion in May 2022.
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Bitcoin Daily: Bitcoin Exceeds $17K Price Level; Former Bank Of Japan Exec: It Will Take Years To Make Digital Yen; Crypto Firm Amon To Release Debit Card With Union Pay
PYMNTS
NOVEMBER 17, 2020
In other news, a previous Bank of Japan official said Japan will probably need many years to release a cryptocurrency because of different challenges, such as steps needed to stop large private bank deposit outflows from occurring, Reuters reported.
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IBM, SWIFT Cap X-Border Payments Initiatives
PYMNTS
SEPTEMBER 6, 2018
By way of illustration, the company gave a scenario: “Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital assets as the bridge asset between any two fiat currencies. The digital asset facilitates the trade, and supplies important settlement instructions.
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Investors Fear China Stock Market Bubble Brought On By Gov’t Stimulus To Combat Virus
PYMNTS
FEBRUARY 27, 2020
A surge cap in Chinese stocks, fueled by the stimulus package from the government to combat the virus-riddled economy, has brought about fears of a repeat of the 2015 market crash, according to Reuters on Wednesday (Feb. China has been working hard to inject funds into the economy, which has seen itself crippled as the coronavirus descended.
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Kenyan Govt Wants To Regulate ‘Exploitative’ Mobile Lenders
PYMNTS
OCTOBER 24, 2019
The Kenyan National Assembly is considering a law that would make mobile lenders in the country subject to central bank oversight, which would force them to reveal transactions fees and interest rates before they dole out loans. According to the nation’s central bank, “customers will be scored and advised of their credit limit.
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Spain Card Payments Market to Surpass $435 Billion in 2024, Forecasts GlobalData
Fintech Finance
APRIL 17, 2024
According to the Study on the payment attitudes of consumers in the euro area (SPACE) in 2022, released by the European Central Bank (ECB), contactless payments in Spain accounted for 67% of all card payments at POS, in terms of volume, in 2022. The cap on cash transactions is also pushing the use of card payments in the country.
BNPL Regulations: Systematic Transformation of Finance
The Fintech Times
DECEMBER 19, 2023
Ireland In Ireland, BNPL providers initially operated outside the supervisory purview of the Central Bank due to the interpretation that interest-free deferred payment structures fell outside the definition of “credit” as set out in the Central Bank Act 1997 ( CB Act ).
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Today In Payments Around The World: Mynt Looks For Additional Funding; WeTrade Transfer From OTC Could Bring In $121 Million
PYMNTS
JANUARY 21, 2021
billion market cap. payments group, will file its expected IPO with joint coordinators Morgan Stanley and Goldman Sachs, two of the largest American banks. The Chinese online commerce services upstart WeTrade Group is aiming to raise approximately $121 million in its transfer from the OTC board to Nasdaq per an S-1 filed with U.S.
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Bitcoin Parody Dogecoin Hits All-Time High: $2 Billion
PYMNTS
JANUARY 9, 2018
The alternative crypto inspired by a dog meme now has a $2 billion market cap, as noted by Business Insider and other sources. As reported yesterday, Israel’s central bank said that it would not view cryptocurrencies — bitcoin et al — as currency. based in Hong Kong – whose shares were up 900 percent last year.
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Chinese Big Tech Value Plummets $280B Amid Regulatory Issues
PYMNTS
NOVEMBER 11, 2020
The combined losses of the five tech heavyweights since their Monday’s close has contributed to more than $280 billion being wiped off in terms of market cap at the close of the trading day in Hong Kong,” according to CNBC’s calculations. 2), China’s central bank and regulators outlined new rules for digital micro-lending.
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India Seizes Control Of Yes Bank, Plans Bailout
PYMNTS
MARCH 6, 2020
The country’s biggest lender, The State Bank of India , will head a consortium to pump new capital into Yes Bank, which had been struggling to offset a surge in bad loans, Bloomberg reported, citing sources familiar with the matter. . There is no need to panic,” the central bank said in a statement.
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AML Scandals Prompt Decrease In European Foreign Deposits
PYMNTS
MARCH 11, 2019
trillion) in the second half of last year, according to European Central Bank data. The former Latvian government set a cap on foreign deposits after the collapse of ABLV, at 5 percent. Foreign deposits in the 19-country bloc went down 12 percent (150 billion euros) to 1.1 trillion euros ($1.2
France Introduces First Capital Buffer Requirement As Corporate Borrowing Spikes
PYMNTS
JUNE 13, 2018
The capital buffer also applies to foreign banks lending in the country. The initiative follows a recommendation by France’s central bank. The French Banking Federation (FBF) denounced the measure. That cap applies to about 10 businesses. percent of lenders’ risk-weighted assets.
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Bitcoin’s Plummet Exposes Crypto’s Flaws as ‘Safe Haven’
PYMNTS
MARCH 12, 2020
Cointelegraph reported Thursday that just in the last day as much as 25 percent of the cryptocurrency market’s total market cap disappeared as traders fled the space. Proponents of crypto have said that they exist as an alternative to fiat money, as an alternative to central bank policy, and against traditional stores of value.
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ICICI Bank To Bail Out Yes Bank In India
PYMNTS
MARCH 13, 2020
On March 6 , the Reserve Bank of India (RBI) said it had “no alternative” but to rescue the bank and replace its entire board. Yes Bank had been struggling to offload a number of bad loans. The RBI capped the withdrawal limit at Rs 50,000 ($676) for about a month, which caused people to rush to Yes Bank’s ATMs and withdraw cash.
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i2c President Says Blockchain Will Unlock Cryptocurrency
PYMNTS
NOVEMBER 10, 2020
To get a sense of just how hard it is for cryptocurrencies to gain, well, currency in everyday life, consider bitcoin, perhaps the granddaddy of cryptocurrencies — and still the 900-pound gorilla in the space, with roughly two-thirds of the market cap across the entire sector.
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Ethereum Price Jumps After Mastercard Joins Alliance
PYMNTS
JULY 20, 2017
The report noted that as of Wednesday (July 19) there is a $10-billion difference between the market caps of bitcoin and Ethereum, and if the prices for Ether continue to increase Ether will be a real challenger to bitcoin once again. At its peak the market cap of Ethereum was $35 billion and was $3 billion away from surpassing bitcoin.
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How Stablecoins & ERC-20 Tokens Are an Efficient Mover of Money Across Borders
BitPay
APRIL 25, 2023
Stablecoins usually don’t draw the amount of media coverage as more volatile cryptocurrencies like Bitcoin or Ether, but stablecoins actually make up a sizable portion of the total cryptocurrency market cap. One reason stablecoins are so popular is because they offer the versatility of crypto with the price stability of fiat.
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Answers From China On Bitcoin’s Drop
PYMNTS
JANUARY 10, 2017
Last week, China’s central bank, the People’s Bank of China (PBOC), had advised investors to be cautious when investing in digital currency. The central bank’s comments come as Beijing escalates a campaign to check capital outflows, said Reuters , and to slow the depreciation of the yuan.
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In Kenya, Banks Explore Blockchain For Payments
PYMNTS
AUGUST 23, 2018
But, Kenya’s central bank has sounded a note of caution. In a report from the bank, blockchain may hold risk if it is misused. There is thus the need to ensure that robust controls are in place to ensure that the risks and opportunities associated with emerging technologies are balanced,” wrote the bank.
RBI Claims India Banking Is ‘Safe And Stable’ After PMC Crisis
PYMNTS
OCTOBER 1, 2019
The Reserve Bank of India is trying to reassure savers that all is well after a recent crisis involving Punjab and Maharashtra Co-operative Bank (PMC). 1), India’s central bank addressed “rumours in some locations about certain banks, including co-operative banks, resulting in anxiety to depositors.”.
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Top News In Payments: Stripe To Power Digital, In-Store Payments For Lightspeed; Fed Weighs Cost And Benefits Of Digital Currency
PYMNTS
FEBRUARY 6, 2020
Australia’s Central Bank Calls For Switch From Visa, Mastercard To Cheaper EFTPOS. The Reserve Bank of Australia is considering stopping banks from automatically routing “tap and go” card payments through Visa and Mastercard, a process which costs twice as much as using EFTPOS, a processing system run by local financial institutions.
Goldman Takes Bitcoin To Task
PYMNTS
MAY 29, 2020
The nod to speculation caps a period where bitcoin , as volatile as ever, recently traded at roughly $9,300, off a recent low of around $8,700. It may be telling that the banking giant will not provide services for bitcoin transactions, which will be the purview of the exchanges.
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An Overview of Interchange Rates and Payment Processing in the EU
Clearly Payments
AUGUST 1, 2024
The IFR introduced caps on interchange fees for consumer debit and credit card transactions, setting a maximum of 0.2% According to a report by the European Central Bank (ECB), contactless payments accounted for more than 40% of in-person transactions in the EU in 2021, a significant increase from previous years.
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Italian Shoppers Embrace New Cash-Back Program For Credit Card Payments
PYMNTS
DECEMBER 22, 2020
The European Central Bank, meanwhile, has said governments should take a neutral approach to how payments are made and complained it wasn’t consulted on the cashback program.
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The Long Climb Back From Ghana’s Banking Crisis
PYMNTS
AUGUST 22, 2019
Capping off the effort last week, Ghana’s central bank announced it had revoked the licenses of 23 savings and loans companies as well as finance houses and appointed a receiver to manage their affairs. “It So far the government has paid at least 12 billion cedis ($2.2
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Mastercard Card Clearing In China, Unattended Retail, Rapid Settlements Top This Week’s News
PYMNTS
FEBRUARY 14, 2020
We have deep dives into unattended retail, rapid settlements and cybersecurity, as well as news on Mastercard receiving the go-ahead from China’s central bank to set up a bank clearing business. China’s central bank gave Mastercard the green light on Feb. a share with a market cap of $14.6 Sound familiar?
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Mastercard's Virtual Mobile Cards, Ghost Kitchens, Geolocation Data Top This Week's News
PYMNTS
DECEMBER 4, 2020
UPS Caps Deliveries From Gap, Nike, Other Big Retailers. Libra Launch Signals Sparks Between Big Tech, Central Banks On Digital Currencies. But central banks are gearing up for their own digital currencies. The acquisition pushes the delivery firm into the center of the explosively growing eCommerce ecosystem.
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Bitcoin Tracker: Up, Up And Away?
PYMNTS
FEBRUARY 24, 2017
The bitcoin market cap was over $18.5 The big news as of late has come out of the Philippines after the central bank, Bangko Sentral ng Pilipinas (BSP), announced it would actively regulate the bitcoin industry as a means to combat money laundering and terrorist financing schemes. On Thursday (Feb.
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Bitcoin Tracker: Smooth(ish) Sailing?
PYMNTS
JANUARY 20, 2017
Bitcoin’s current estimated market cap is over $14.5 12, the Central Bank of Nigeria (CBN) released a circular to banks and other financial institutions warning against the use of “virtual currencies.”. Sweden’s central bank could come to a decision on the e-krona in the next two years. The culprit?
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41 Bitcoin Tracker: Another Day, Another All-Time High
PYMNTS
MAY 12, 2017
The digital currency’s market cap stood at just under $30 billion with some 16.3 The total crypto-market cap has grown from $27.8 With the latest news, it appears that a conclusion, whatever the particulars may be, will be reached by next month’s report from China’s central bank. million in circulation.
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What South Korea’s Delisting Of Private Altcoins Means For Crypto
PYMNTS
SEPTEMBER 17, 2019
billion market cap, overall, as determined by cryptoslate.com, and where Monero dominates with $1.3 billion of that market cap. The name of the game is decentralization, which has been a critical selling point for crypto proponents in general, as decentralization is touted as a way to circumvent the central banking system.
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From Earnings Crunch To Credit Crunch?
PYMNTS
JANUARY 8, 2019
Publicly traded firms carrying heavy debt loads that find they have limited cash on hand to buffer against market cap drops, said Flum, will be forced to tap revolvers if available, or attempt to solicit funding from the high-yield bond market – just “as the costs for riskier borrowing are rising.” Tapping Credit … if Available.
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Bitcoin Tracker: Blowing Past Milestones
PYMNTS
MAY 5, 2017
The digital currency’s market cap sat at just over $25.4 One of Dubai’s largest banks, Tabarak Investment Bank, reportedly plans to sell €100 million ($108.9 Wednesday night into Thursday morning, trading saw bitcoin fly by another milestone: $1,500. percent from Wednesday’s close. million, OGC 2.24
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47 Banks And The Blockchain Scramble
PYMNTS
AUGUST 29, 2018
Banks seem smitten by blockchain. Traditional banks, especially, and central banks, too. Then again, the same article that discusses the emerging technologies also notes that banks have seen falling demand in lending – which comes in tandem with political uncertainty, growing bad debts and caps on interest rates.
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